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šŸ›¢ļø Just Stop Oil...But Not for Their Donors

Plus, Trouble in OPEC+ Paradise?

Good morning; here's what the Oilman has for you today:

  • Trouble in OPEC+ Paradise?

  • Just Stop Oilā€¦But Not for Their Donors

  • Tweet of the Day

Trouble In OPEC+ Paradise?

Tension is rising between Saudi Arabia and Russia as the latter doesnā€™t seem to have stuck to its promise to cut oil output.

The next OPEC+ meeting might see some sparks fly between the leaders of the group.

The battle of market shares

In April, OPEC+ surprised the market by announcing additional cuts in oil production.

It shouldnā€™t really have been a surprise: oil was down, and when oilā€™s down, OPECā€”and now OPEC+ā€”cuts production.

But Russia had separately announced it would reduce oil output in response to Western sanctionsā€¦

Only exports stayed high and even grew to pre-war levels.

Russiaā€™s largest export market is Asia.

So is Saudi Arabiaā€™s.

It was only a matter of time, really.

Could OPEC+ break up?

For now, itā€™s just a rumor that Saudi Arabia is getting annoyed with Russia and its rising exports to its own key market.

Itā€™s not a rumor, however, that the Saudis have cut their oil prices for Asian clients several times.

Nobody cuts the price of their product because they like it lower.

Especially when theyā€™re trying to get the price higher for everyone by cutting production.

And to add insult to injury, prices continue down because people are worrying about recessions.

On top of that, Russia has said it doesnā€™t want to cut more production.

Even as there are suspicions, it hasnā€™t cut anything at all.

Thatā€™s enough to get even your new best friend angry, isnā€™t it?

The big question is whether the Saudis will get angry enough to start another price war with Russia.

They did it onceā€¦in 2020.

The timing was the worst, as Covid was just beginning to destroy demand for oil.

This time it could be different. And a lot more destructive.

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Just Stop Oilā€¦but Not for Their Donors

A millionaire backer of radical environmentalist group Just Stop Oil has been revealed to enjoy a home 5,000 miles away from home, prompting calls of hypocrisy.

Oscar-winning filmmaker Adam McKay has pledged his support for Just Stop Oil in any way possible, but it seems he himself doesnā€™t want oil stopped.

Because he has an Irish mansion, he likes to visit ā€œwhen the going gets tough.ā€

The 1% behind the radical climate protests

McKay is one of the backers of the Climate Emergency Fundā€”an entity thatā€™s funded by billionaires.

The money goes into ā€œdisruptiveā€ activist groups formed to push the climate change agenda faster and harder.

Because oil-school environmentalism is not working fast enough, according to these same billionaires.

But it seems that these people only want to ā€œjust stop oilā€ for the commoners.

Because McKay sure as hell doesnā€™t travel to his Irish home from California on a sailboat.

And the three founders of the Climate Emergency Fundā€”Aileen Getty, Rory Kennedy, and Tevor Nielsonā€”sure as hell donā€™t walk to work.

Good old double standards

Remember how Bill Gates defended his private jet because he spends billions on fighting climate change?

Or how John Kerry basically said that people like him are so special theyā€™re almost aliens for wanting to save the planet?

Itā€™s the old ā€œrules for thee but not for meā€ all over again.

Or maybe all those millionaires and billionaires are plain bored.

Maybe they have nothing better to do with their lives.

So they fund other bored people to sit on roads and ruin the work commute for as many non-bored people as possible.

Around the Global Patch

šŸ‡®šŸ‡© $9 Billion investment boosts Indonesia's mining and battery sectors.
šŸ‡ØšŸ‡³ China's economic weakness dampens oil as US debt ceiling stalls.
šŸ‡·šŸ‡ŗ Drones strike Russian military fuel supplies in targeted attacks.

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